Low rates help keep CV home sales strong - KWWL - Eastern Iowa Breaking News, Weather, Closings

Low rates help keep CV home sales strong

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While the number of sales and average sales price both declined in Waterloo and Cedar Falls, Cedar Valley home sales continue to buck the dismal national real estate market, with a strong showing in 2008.

The annual Waterloo-Cedar Falls Board of Realtors Multiple Listing Service report shows the total number of home sales was down just 15 homes in Cedar Falls.  There were 463 sales in 2008, compared to 478 in 2007.

Waterloo home sales were more negatively impacted. Total Waterloo sales were 849 in 2008, compared to 887 in 2007. That's a decline of 4.28 per cent, but just 38 total sales.

Actual sales prices also dropped in both Waterloo and Cedar Falls, with Cedar Falls fairing better than Waterloo. Cedar Falls sales prices declined just 1.5 per cent in 2008, with an average sales price of $ 192,153. That compared to an average 2007 sales price of $ 195,080. On the bright side, Cedar Falls sellers got 97.48 per cent of their listing price in 2008, which was an increase of 1.21 per cent.

In Waterloo, the average sales price was $ 99, 910 in 2008, compared to $ 105,359 in 2007. That's a decline of 5.17 per cent.  Still, Waterloo sellers got 95.34 per cent of their asking price, only a .95 per cent drop from 2007.

Foreclosures in Black Hawk County rose slightly over the past year, with 453 foreclosures in 2008, compared to 413 in 2007. That's an increase of 40 foreclosures in Black Hawk County, or alittle less than 10-per cent. This annual information comes from statistics compiled by the Black Hawk County Abstract Company.

Despite very low mortgage interest rates, building permits have dropped dramatically in Black Hawk County. Building permits for single family homes declined 28.79 per cent in Cedar Falls.

Cedar Falls built 141 new single family units in 2008, compared to 198 new single family units in 2007. But, qualified buyers are seeing amazingly low mortgage interest rates right now, with 4.5 per cent being offered at several Cedar Valley lenders

In his newsletter, Dick Robert of the Cedar Falls Real Estate Company, is predicting a sales drop in both Waterloo and Cedar Falls again this year of somewhere between 4 and 9 per cent. The Roberts newsletter says there are about 145 homes for sale right now in Cedar Falls and 442 in Waterloo. Robert says he remembers the days when you might have 350 homes for sale in Cedar Falls and a thousand on the market in Waterloo at any given time..

For more information contact Dick Robert at the Cedar Falls Real Estate Company, at 1931 Main Street, or online at:  www.cedarfallsrealestateco.com

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